What does accord and satisfaction mean

Accord and satisfaction used as a noun is very rare.A discharge of a contract or cause of action pursuant to which the parties agree (the accord) to alter their obligations and to perform new obligations (the satisfaction).• accord and satisfaction (noun) the noun accord and satisfaction has 1 sense:.What does accord and satisfaction mean?An accord is an agreement to substitute for an existing debt or obligation some alternative form of discharging that debt;

An agreement between two persons, one of whom has a right of action against the other , that the latter should do or give and the former accept something in satisfaction of the right of action.Accord and satisfaction is when two parties in a legal dispute agree to certain terms to settle the dispute and end it all together.The rule relating to an offer of accord is that the offer must make it clear that the offeror seeks a total discharge.Accord and satisfaction thereby throws out the old contract that the two.[1] the accord is the agreement to discharge the obligation and the.

However, such an agreement never seeks to replace the original contract.For example, if company xyz borrows.For example, a seller who cannot obtain red fabric to meet the contract specifications may enter into an accord and satisfaction to provide the buyer with blue fabric for a slightly lower price.The agreement must include a definite offer of settlement and an unconditional acceptance of the offer according to its terms.An acceptance of such an offer may take place by verbal assent or by conduct including under most authorities t he cashing of a check sent 'in.